Over the past few months, you may have heard or read about the revitalization of Monarch Park CI, or seen the most recent construction that began in June of this year. Since early 2011 we have engaged in a myriad of meetings, discussions, and negotiations regarding Monarch Park CI and the bid by RMI in May 2011 to conduct the development project. RMI is run by CEO Matthew Raizenne who is a local Torontonian and entrepreneur, and friend of TUC since 2009. Mr. Raizenne built a dynamic plan to turn a decayed field into a world-class facility, including state-of-the-art turf, track, lighting, and a removable seasonal dome. In November 2011 RMI was officially awarded the project by the Toronto District School Board (TDSB) and since that time TUC has worked diligently with RMI to develop a contractual partnership and long-lasting relationship.
A large component of the TUC's partnership with the project is the TUC's involvement as a financial lender for the projects capital costs. This involves the use of the TUC Fields Fund. Since 2003, a $25 portion of every full adult TUC membership has been allocated to the Fields Fund, with the purpose of accumulating capital for future use to acquire, develop, maintain, improve and otherwise support the Club's ability to obtain quality playing fields for its membership. For a complete background on the TUC Fields Fund please visit this link. There have been many questions and comments regarding the Fields Fund over the past few years and now we can finally celebrate our membership contributions!
Said TUC President Natalie Fitzgerald, "On behalf of the TUC Board of Directors, we are so excited for the future of Ultimate in the city. We have been collecting Fields Fund contributions since 2003, and are excited about this partnership with RMI to develop a premier facility in Toronto. Our contractors and volunteers have invested countless hours into the project and we are grateful for their contributions. I would also like to thank all of our membership, past and present, for their contributions to the Fields Fund and helping this come to fruition."
RMI will fund and manage the planning, financing, construction, maintenance, and management of the new facility, located at 1 Parkmount Rd and only a few blocks away from Danforth & Coxwell Avenues. The facility is now called Monarch Park Stadium - visit www.monarchparkstadium.com
The project is a $4 million plus venture that will incorporate the best aspects of amateur sport facility features across North America; the goal of RMI is to make this facility the best one in Toronto for years to come. The facility will also include a 5,500 square foot clubhouse with contemporary amenities and the future office of the Toronto Ultimate Club! The Clubhouse will be fully built in Year 2 of the project.
During the outdoor season (May - October) the turf field will host 2 full sized ultimate games and during the indoor season (November - April) the facility will host 4 indoor fields, each approximately 100 feet wide (28m) x 210 feet long (65m) which is basically the same dimensions as Lamport Stadium indoor fields. The field will include outdoor lighting for late-night games and premier indoor lighting and a temperature-controlled dome for indoor games. Monarch Park Stadium will also include a top-grade four-lane track situated around the playing field that will serve as a great warm-up area for players whether during the outdoor or indoor season!
RMI will coordinate bookings for the facility outside of school hours (ie. after 6pm, on weekends, and during the summer months). The facility will be utilized by Monarch Park CI students during school hours, just as any other school field would be. The local community will have access to community designated hours and events, as determined by RMI and the TDSB.
Project construction began June 11, 2012 and the field and track are slated to be complete by mid-October 2012, with dome added by end of October.
For a visual insight into the project, visit the link at the bottom of this article.
The TUC Board of Directors and Managers, in conjunction with their legal team, have spent months building a series of contractual agreements with RMI that we believe will result in a strong and long-lasting partnership. Our focus was to utilize the Fields Fund in a way that would advance the Club in terms of quality playing fields, but also to protect our assets in the event of any wrongdoing or encumbrances. Developing the concept was easy. But we spent countless hours reviewing terms, identifying risks, and eliminating or minimizing those risks to ensure that TUC funds are well-protected. Here is a summary of the agreements that the TUC has entered with RMI, as authorized by the TUC Board of Directors and endorsed by Legal Counsel and the General Manager:
Loan Agreement: TUC will provide a capital investment of $700,000 to RMI by utilizing the TUC Fields Fund (currently at approx $637,715). The remaining balance will be drawn from a reserve fund. The investment will be fully repaid back to TUC with annual installments and interest by June 1, 2018. The Loan Agreement includes numerous covenants and securities that protect the TUC against any events of default or acts that would compromise the TUC's investment. The Loan Agreement is supported by several documents including but not limited to:
- A promissory note evidencing the Borrower's indebtedness;
- A security agreement given by the Borrower securing all of the assets and undertaking of the Borrower to be registered under the Personal Property Security Act of Ontario and placing the Lender (TUC) in first security position with respect to the above;
- An unlimited guarantee from the Guarantor and all shareholders of the Borrower, and;
- A subordination and postponement of claim from the Guarantor and from all other shareholders.
In addition, the TUC has entered into an agreement with RMI and the TDSB which lists TUC as the Secured Party on the Lease Agreement between RMI and the TDSB - meaning that should RMI default or waive its agreement with the TDSB, the TUC has first rights to assume the TDSB Licence and management of the facility over the course of the remaining term.
Dome Agreement: TUC will provide volunteer support each spring and summer to RMI for the take-down and set-up of the seasonal field dome. We will need to provide 35 volunteers for a maximum of 2 days each spring (early May) and each fall (late October), approximately 8 hours per day. The labour involved would be very simple: TUC volunteers would not be required to participate in any technical or dangerous aspects of the dome, they would simply be required to help roll and unroll the dome walls and possibly move a few items. A large number of people are required to handle big sections of the dome walls at a time. RMI would be responsible for staffing all other technical aspects of the installation/removal.
The Dome Agreement will be continued annually in accordance with the TUC Licence Agreement (see below) and it will be revisited regularly to ensure that both parties are satisfied with the terms.
Our Board of Directors and Managers will be reviewing the terms of the Dome Agreement prior to October and we will develop the incentives for volunteers to annually come out and support this effort. The Dome Agreement is an important piece of our partnership with RMI and we want to ensure that we have plenty of TUC volunteers who can help when required!
Licence (Rental) Agreement: In return for our Loan and Dome Set-Up/Take-Down Agreements the TUC will receive a guaranteed and favourable field rental schedule! TUC will receive first rights to premier rental time, including the contractual use of 27 (mini) field hours per week for indoor and 13 (full) field hours per week for the outdoor seasons. This means on just about any given weeknight between 7pm - 11pm or Sunday afternoon, TUC members will have the opportunity to play games at Monarch Park Stadium. TUC will also have opportunities to access additional unused time, we'll have exclusive rights to hosting Ultimate at the facility, and we will receive annual discounts on our rentals.
TUC's Licence Agreement with RMI will be in 5-year renewable terms, for up to 21 years. This will make Monarch Park Stadium home to a ton of TUC Ultimate for the next 2 decades!
Lease (Office) Agreement: To be built by November 2013, Monarch Park Stadium will also host a 5,500 square foot Clubhouse that connects the parking lot to field. The MPS Clubhouse will include washrooms, showers, change rooms and a 1200 square foot utility room that can host meetings, parties, yoga, etc. The Clubhouse will be a classy and modern facility and it will also include a new TUC office! The TUC office will be approximately 500 square feet and will host a general reception/office area as well as two office spaces that overlook the stadium field. TUC will have daily access to the Clubhouse amenities and it will also be provided with additional storage space on site. We will even be able to safely feature our trophies in the main hall trophy case of the Clubhouse and we will work alongside RMI to promote Ultimate on-site, host meetings and events, preserve the field, etc. This will truly be an Ultimate Clubhouse!
In lieu of our other agreements with RMI, TUC will be charged a discounted rate for its office lease in the facility, even better than the low rates we are currently paying at 3269 Bloor Street West. A brand new office, located at a premier stadium in the heart of the city... how good is this?!?
Summary: The end result of these agreements is an unprecedented field partnership for TUC and for the sport of Ultimate. We may not have the means to buy and build new fields like our friends in Ottawa, but we can now use our Fields Fund to culture dynamic and creative partnerships that develop existing spaces. We provide a temporary loan and some annual volunteer help and in turn we become the primary rental partner in a new premier sport facility for years to come. We receive our initial loan back (with better interest than we currently receive) over the next few years which will allow the Club to leverage future development projects and continue to build its capital fund. The potential for this facility is tremendous and it will change the landscape of TUC Ultimate for years to come.
From RMI CEO Matthew Raizenne, "Without the TUC and the Field Fund, this project would never have gotten off the ground. I would like to thank all TUC members (past and present) for their contributing to the Field Fund and Jason Robinson and the Board of Directors for their countless hours of work on this project. Thank You!"
Gratitude from the TUC General Manager
There are many people who have worked hard to help make this partnership a reality. Firstly I would like to thank Matthew Raizenne, CEO of Razor Management Inc, for his patience, loyalty, and professionalism through this arduous process. Mr. Raizenne has worked hard to form innovative partnerships and bring this dream to reality, allowing TUC to be his partner along the way. We welcome Mr. Raizenne to the TUC family!
I would like to thank Natalie Fitzgerald, President of the Toronto Ultimate Club, and the entire Board of Directors for their intense involvement in the key decision-making processes of this partnership. Board members include (in alphabetical order): Carla DiFilippo (Secretary), Susan Holland (Vice President), Gerald Feeney, Barry Goldlist, Joseph Krengel, Cory Lamothe, Mike Lane (Treasurer), Gregory Lang, Blue McClellan (Chair), James McCully, Nancy So, Rahil Suleman, and Natalie Wong. The Board spent countless hours dissecting and discussing our terms with RMI. Their goal was to both advance and protect the assets of the TUC and they never wavered in their duty to the TUC membership.
I would like to thank the TUC Lands Committee for their initial involvement in the project, helping to get it off the ground and hosting a preliminary meeting with RMI. The Lands Committee will also be instrumental in moving the project forward and expanding our relationship with RMI. Committee members include (in alphabetical order): Ian Brooks, Kynan Cheng, Chuck Cunningham, Barry Goldlist, Gregory Lang, Bronwen Smith, and Tuck Yiong.
I wish to give a special thanks to our legal counsel. To Mark Atlin, Barrister & Solicitor for his exemplary work on our loan documents and security protection, not to mention his extreme patience and timely guidance. To Grace Vaccarelli, volunteer TUC member who provided great insight for our Lease Agreement. And finally to Harry Burkman, TUC's longtime volunteer legal advisor and TUC Hall of Famer, who tirelessly contributed many late nights to this venture. Harry's contributions to this partnership have been immeasurable and we cannot thank him enough - our membership is forever indebted.
Last but not least, I would like to thank the TUC membership! From the flagship Club leaders who instituted the Fields Fund in 2002-2003, to the managers and volunteers who have worked hard to utilize the Fields Fund over the years, to the members who have brazenly supported the Fields Fund when it was questioned, and to every member past and present who has contributed to the Fields Fund through their Club membership... thank you.
TUC General Manager
Monarch Park Stadium Images
For a visual insight into the Monarch Park Stadium project, visit this link!
See you at Monarch Park Stadium, opening October 28, 2012!